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The Titling of Joint Accounts with Non-Spouses

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When reviewing assets with clients, we often find that they have jointly titled accounts. This is very typical for spouses. But sometimes, clients will have a joint account with someone other than their spouse, such as an adult child. 

What should you be thinking about when you open a joint account with someone, or add someone’s name to your existing account?

There are some benefits to having a joint account with an adult child or other individual.

  • First, it will keep that account from going through probate if one of you passes away.
  • Second, it offers immediate access to funds for the joint owner.

There are some potential negative results to consider when opening a joint account with someone though.

  • Once their name is on the account, that is their money as well. Meaning they could come in and empty that account out – you really need to trust them!
  • Also, if they have creditor issues, their creditors will now see that account as their money and available to pay back any creditor claims.

Finally, the most important part of the account is how it is actually titled. Maybe you have a joint account and so you assume it is “joint with rights of survivorship,” meaning that the surviving owner gets those funds. However, recently, we have come across some accounts that are “joint without rights of survivorship.”

This is frustrating, because you think you did everything right to properly title everything but instead these accounts get tied up in probate.

If you have questions about how to properly title your accounts to avoid probate and want to make sure your assets are aligned with your estate plan, please contact the experienced estate planning attorneys at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.

Sinclair Prosser Gasior Annapolis Headquarters office is now located at 183 Harry S. Truman Pkwy, Suite 104.

Jon J. Gasior, Estate Planning Attorney
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About Jon J. Gasior, Estate Planning Attorney

His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime. About the Author !